Jaguar Land Rover reports strong sales and high profits

JaguarLand Rover has reported an 11 per cent increase in profits for the 2012/13 fiscal year.

Revenue and sales also increased, partly driven by rapid growth in China and the Asia Pacific markets.

Total revenue for the past tax year reached £15.8bn, up 17 per cent year on year. Retail sales improved by 22 per cent to 374,636, while profits reached £1,675m before tax.

Sales grew most in China, up 48 per cent to 77,075 units. However, Jaguar Land Rover also performed well in markets where many car makers are struggling. Sales in Europe were up 18 per cent to 80,994, while in North America sales grew by 9 per cent to 62,959.

Dr. Ralf Speth, Jaguar Land Rover chief executive officer, said: "The positive result for the financial year demonstrates that we have strong demand for our product portfolio all around the world. During this period Jaguar Land Rover unveiled major new products, the all-new all-aluminium Range Rover and the Jaguar Sportbrake, the AWD XF and AWD XJ and the stunning F-type. Jaguar Land Rover invested significantly in the product creation process, in our advanced manufacturing sites and created more than 3,000 jobs. This commitment is set to continue with a sustained programme of investment which will see us spend in the region of £2.75bn on new product, people and infrastructure in the year to March 2014.”